Large Taxpayers Unit (LTU), Karachi has witnessed 8 percent growth on account of direct tax during the ongoing fiscal period as compared to the last corresponding period. According to provincial statistics, the LTU Karachi has collected Rs 63.86 billion during July 2010 to February 2011 as against Rs 59.40 billion made in last corresponding period.
The tax collecting arm of the Federal Board of Revenue (FBR) has surpassed last period collection by Rs 4.46 billion, which is a positive stroke for economical growth of a country, besides paving the way to achieve annual revenue target. The LTU Karachi had refunded Rs 14.19 billion during the said period, depicting 7 percent decline during ongoing fiscal period. The department has collected Rs 236.19 billion on account of sales tax as against the collection of Rs 180.312 billion made in the last corresponding period.
Similarly, around Rs 36.263 billion FED was collected during current fiscal period, showing some 4 percent growth against the collection of last fiscal period. Only 1 percent growth was witnessed in collection made by current demand as Rs 14.93 billion was collected as against the last corresponding period collection of Rs 14.85 billion.
However, around Rs 2.27 billion was collected on account of arrears demand, depicting 68 percent decline comparatively to the last period collection of Rs 7.20 billion. The department has witnessed only 0.9 percent growth in advance tax payment during the current fiscal period by collecting Rs 42.506 billion as against Rs 42.12 billion made in the last corresponding period. The revenue collection through returns has shown 56 percent growth as Rs 3.01 billion was collected as compared to last corresponding collection of Rs 1.92 billion.
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